Going Dark

I have included a link to an article from 2009 that helps with understanding the concept of “going dark” or voluntary delisting/deregistration. Click here to read this article. Keep in mind that it was authored in 2009.

I can usually decipher this stuff given enough time, but why doesn’t someone from the bank just come out and tell us why they are doing this?

14 comments on “Going Dark

  1. Bob is right. They have been in the dark for a while. It looks like the JOBS Act was set up to help new businesses get started. How will this help the bank?

    • So are they still on the hook for the 3rd quarter call report? Third quarter ended Sep 30 with reports due by day 19 I think.

      • Call Report is a requirement of the FDIC, not the SEC. So you answer is yes, they have to file the Call Report.

        • If they have to submit the Call Report anyway, then how much more effort and cost would it be to submit the SEC report? This seems hard to understand.

        • You can find the call reports via the FYI link on the right. Report type=Call/TFR. Date will come up for 9/30/2012. Institution name: Citizens First National Bank. City: Princeton. State: Illinois. With that date, nothing will come up until the report is filed. You can select a different date and look at past reports.

      • The call report to the FDIC is not due until 30 days after quarter end. Regarding the relationship between the Call report and the 10Q filing (to the SEC), the 10Q is a lot more cumbersome to produce. While the call report is primarily a collection of data, the 10Q requires a lot more detail and interpretation of the data. It is much more subjective, and thus, more labor intensive. It all requires many more levels of review, including external auditors and legal counsel.

  2. I presume that the intent of the JOBS Act was to help stimulate the growth of jobs. So, how many jobs will be created by PNBC going dark?

  3. It should also be noted, that insider transactions no longer need to be reported to the SEC. So, the “Gang” that does own stock, can dump and run now, without anyone’s watchful eyes..

    • If they want to bail out at 23 cents, be my guest. Or, they can wait a few weeks, and the stock may be worthless. The FDIC is now running prospective receivership banks through the books. I believe the deal will be between the FDIC and the take-over bank – PNBC and Citizens will be on the outside looking in (as will we PNBC stockholders).

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